Polar warehouse properties sold for $21.5M
The owner of Polar Beverages’ warehouse properties in Worcester and Auburn has sold them to Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, for $21.5 million, according to Massachusetts land records.
The properties, at 26 Southbridge St. in Auburn and 1075 Southbridge St. in Worcester, were sold Sept. 19 to GPT by First Highland Management of Boston, which purchased the properties in a 2007 foreclosure. GPT manages income-producing industrial and office properties throughout the United States.
Polar operates a single warehouse facility at the two properties that straddle the Worcester-Auburn line. The beverage bottler and distributor has leased the site through March 2024, according to GPT.
The transition to the new owners should be seamless, Polar Executive Vice President Chris Crowley said. The company produces and bottles products locally in facilities it owns, he said.
The purchase of the Southbridge Street properties was part of three separate, all-cash purchases by GPT of industrial properties totaling $39.2 million, according to the investment trust.
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